My 2 cents: as someone who collected thousands of records in the late '90s and early 2000s and gave up around the mid-2000s and recently started to collect again, for me, it's not about sound quality at all (that's a settled issue, digital is objectively better - if the source is also digital, because if not, then you have to take many variables into consideration like master tape, mastering technique, vinyl quality, etc). To me it's all about having access to many records that are otherwise inaccessible via digital platforms, taking the time to go digging for gems, socializing with ppl in record stores and exchanging information, and having physical media with some cool covers that usually have lots of information (CD also has it, but the size kinda sucks). The tl;dr version is that it is a combination of multiple things that make owning records enticing.
I can't say why the younger generation (I am in my 30s btw), likes it, but talking to my younger friends who also collect, is a combination of the points above, and the fetish of owning a physical format and seeing this cool thing spin and sound coming out.